Press

EnQuest Result of Rights Issue


EnQuest is pleased to announce that, as at 11.00 a.m. (London time) on 19 October 2018 (being the latest time and date for receipt of valid acceptances under the Rights Issue), it had received valid acceptances in respect of 485,477,620 New Ordinary Shares, representing approximately 95.51% of the total number of New Ordinary Shares offered pursuant to the Rights Issue.

It is expected that dealings in New Ordinary Shares, fully paid, will commence on the London Stock Exchange at 8.00 a.m. today, 22 October 2018, and on NASDAQ Stockholm on 31 October 2018. It is also expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. today, 22 October 2018, and that share certificates in respect of the New Ordinary Shares held in certificated form will be despatched on or around 30 October 2018. New Ordinary Shares subscribed for in the Swedish Rights Issue are expected to be credited to relevant VP Accounts on or around 30 October 2018. Delivery of New Ordinary Shares subscribed for in the Swedish Rights Issue to nominee accounts will be made in accordance with the procedures of the relevant nominee.

In accordance with their obligations under the Underwriting Agreement, J.P. Morgan Securities plc (which conducts its investment banking activities in the United Kingdom as J.P. Morgan Cazenove, "J.P. Morgan Cazenove") and Merrill Lynch International ("BofA Merrill Lynch" and, together with J.P. Morgan Cazenove, the "Joint Bookrunners") shall use their reasonable endeavours to procure subscribers for the remaining 22,844,224 New Ordinary Shares not validly taken up in the Rights Issue, failing which the Joint Bookrunners have agreed to subscribe, on a several basis, for any remaining New Ordinary Shares at the Issue Price (in pounds sterling).

The net proceeds from the placing of such New Ordinary Shares, after the deduction of the Issue Price of 21 pence per New Ordinary Share and the related expenses of procuring subscribers (including any applicable brokerage and commissions and amounts in respect of VAT) will be paid (without interest) to Qualifying Shareholders whose rights have lapsed in accordance with the terms of the Rights Issue pro rata to their lapsed provisional allotments except that individual amounts of less than £5.00 or SEK 56 per holding will not be paid to such persons but will be aggregated and retained for the benefit of the Company.

A further announcement as to the number of New Ordinary Shares for which subscribers have been procured will be made in due course.

Capitalised terms used in this announcement have the meaning given to them in the Prospectus.



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EnQuestRights Issue

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